World

NEW YORK (News Desk) – Donald J. Trump has also become embroiled in the Panama Papers controversy.

Trump became the presumptive Republican nominee for the upcoming US Presidential Elections in November after the last two remaining contestants dropped out of the race last week.

According to Huffington Post, Trump’s name appears in the database of International Consortium of Investigative Journalism (ICIJ) a total of 3,540 times.

However the newspaper is of the opinion that Donald Trump has been selling his name and business reputation to several investors for many years, which means that despite his name being included in the Panama Papers he may not necessarily be linked to any of the identified offshore entities.

The Panama Paper leak has been in the headlines for over a month following the publication of news reports based on internal documents of Panama-based law firm Mossac Fonseca. The documents revealed the offshore asset holdings of some of the wealthiest and politically powerful people in at least 21 tax havens including Hong Kong, Panama and the British Virgin Islands.

Following the publication of Panama Papers, the United States and Panama have signed an information-sharing deal under which the Internal Revenue Service will be able to obtain information on US citizens’ bank accounts in Panama.

It allows the automatic exchange of information about US citizens’ bank accounts. The agreement has been given retrospective effect since 2014.

The two countries also have a separate agreement to share certain tax information upon request from tax authorities. That has been in place since 2011.